Flash Report: Memorial Day Weekend Cannabis Sales Predicted To Reach $238M

3.6 min readPublished On: May 20th, 2021By
DENVER–Business intelligence from Akerna (Nasdaq: KERN), an enterprise resource planning (ERP) software technology platform, predicts that Memorial Day weekend will be high grossing for the cannabis retail industry, with approximately $238,000,000 in adult-use and medical sales over the four days (Friday 5/28 – Monday 5/31), with consumers and patients in the under 40 age group driving 61% of sales.
Historical data shows that Friday, the first day of the holiday weekend, will bring in the highest sales, with a predicted $85,000,000 this May 28th, up 55% from average Friday sales.

“Memorial Day weekend has typically been one of the top 10 sales days each year, making planning inventory and staffing for the weekend critical for dispensary and retailer success,” said James Ahrendt, Business Intelligence Architect at Akerna. “We correctly predicted a $370+ million value for this year’s 420, a testament to the power of our data analytics, which is based on over a decade of legal cannabis sales and are confident in our values for this upcoming holiday as well. Through leveraging data-driven insights, cannabis businesses can make strategic predictions and decisions for their businesses.”

Saturday, May 29th will be another busy sales day for the holiday, with a predicted $67,000,000 in revenue, and Sunday, May 30th is expected to bring in another $42,000,000. This is an uptick for Sunday, which is historically the lowest sales day of an average week.

Monday, May 31st, Memorial Day, is predicted to gross $44,000,000, a 9% drop from average Monday sales. Monday is expected to be the slowest day of the holiday weekend, likely due to consumers shopping ahead and enjoying the day off, as well as some store closures.

Other predictions for the holiday weekend (5/28 – 5/31):

  1. The average order total will be approximately $7 more than the average order totals for all other days this year.
  2. Products per purchase will have a 22% increase, with a predicted 3.6 products per purchase.
  3. Category sales:
    1. Flower – 48%
    2. Cartridge/Pens – 31%
    3. Concentrates – 11%
    4. Infused Edibles – 9%
    5. Other – 1%
  4. Demographics:
    1. 61% male
    2. 39% female
  5. Sales by age groups:
    1. Under 30 – 30%
    2. 30-40 –31%
    3. 40-50 – 19%
    4. 50-60 –12%
    5. Over 60 – 8%

About MJ Freeway

MJ Freeway is more than software as a service. Its flagship solution, MJ Platform, includes Platform Insights. Now operators, investors, and regulators can access the industry’s largest and most statistically relevant database to drive data-driven business decisions.

Forward-Looking Statements:

Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such terms or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding the ability of the MJ Platform team to help operators make decisions through analytics and reporting. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of significant known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Akerna’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others that may affect actual results or outcomes, include (i) Akerna’s ability to maintain relationships with customers and suppliers and retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the market place due to the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein. You are cautioned not to place undue reliance on forward-looking statements. All information herein speaks only as of the date hereof, in the case of information about Akerna, or the date of such information, in the case of information from persons other than Akerna. Akerna undertakes no duty to update or revise the information contained herein. Forecasts and estimates regarding Akerna’s industry and end markets are based on sources believed to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

(This information is primarily sourced from Akerna.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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